Rolls Royce, Louis Vuitton handbag, and a Rolex watch are all examples of prestige products.
Things are believed to be of very high quality because of the benefits that the consumer would supposedly enjoy, and as a result, such products are expensive.
Watches, fragrances, and high-end vehicles are a few industries that use prestige products.
When a business offers a product at a high price to give customers the idea that it is of great value, the practice is known as prestige pricing, premium pricing, or image pricing. Most of the time, companies do this to appeal to customers who are interested in presenting a distinguished or higher position.
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